Nayms operates the world’s first fully-regulated marketplace for on-chain insurance, enabling insurance partners to conduct regulated insurance business on-chain. Launched in 2019, the company holds both a full Digital Asset Business Act license and an Innovative Insurer General Business license out of Bermuda. Its platform aims to create a transparent, traceable, and tradable digital-assets risk marketplace that connects brokers, insureds, sponsors, and capital providers. Nayms has raised a total of $12 million to date after closing a private token sale led by UDHC, with long-standing supporters including New Form, Tokentus, and Keyrock participating. The funding will be used to expand its global team, accelerate product and marketplace development, marketing, and global business expansion. Nayms is reaching final stages of development ahead of insurance program launches with partners such as Aon, Breach, and Evertas and plans to accelerate engineering and onboarding for its first users. Nayms operates a blockchain insurance marketplace focused on insuring and trading digital-asset risk. It is preparing a native token, NAYM, designed to let participants share in network value by capturing fees from contract placements, trading activity, and growing collateral on the protocol. The token is intended to align incentives across capital providers, underwriters, brokers and insureds to promote healthy insurance placement and risk trading. Financially, Nayms closed a $2.1m seed funding round in January and has secured an additional $6m via subscriptions tied to a future NAYM token listing. The new capital has already funded senior hires — David Verbeeten joined as Chief Commercial Officer and Tyler Skelton as Head of Finance — expanding the team to 12 with two further insurance hires planned. Nayms says it will announce a launch program with major brokers and underwriters later this year and expects an allocation of initial NAYM supply in Q1 2022. Nayms provides infrastructure for digital-asset insurance using smart contracts that collateralise cryptocurrency risk with matching crypto-assets, aiming to eliminate FX risk. The startup has partnered with MakerDAO to collateralise its ‘Smart Insurance Contracts’ using the Dai stablecoin. Its first pilot — a digital insurance contract covering electronic theft and phishing — was placed by Breach Insured for client Coinlist. The company says the crypto insurance market is roughly 96% uninsured and plans larger pilots to prepare for a full launch later in 2021. Nayms is pursuing regulatory approval from the Bermuda Monetary Authority before full launch and hopes to expand beyond digital assets into the wider insurance market. An upcoming pilot with SafetyWing will test expansion into insuring remote workers.

Total raised

$8M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2021